Generative AI Market Size, Growth, Value Analysis, Forecast 2023-2028


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    The latest research study “Generative AI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global generative AI market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.4 Billion by 2028, exhibiting a growth rate (CAGR) of 20.01% during 2023-2028.

    Generative AI represents a technology that utilizes machine learning algorithms to enable devices to create new digital videos, images, texts, audio, or code. It is driven by algorithms that can identify the underlying pattern of input and develop similar outputs. In addition to this, generative AI offers numerous benefits, including creating high-quality content, enhanced identity protection, better comprehension of abstract theories, decreased financial and reputational risks, etc. Consequently, it is widely utilized across several sectors, such as healthcare, robotics, banking, financial services and insurance (BFSI), etc.

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    Generative AI Market Trends and Drivers: 

    The expanding information technology (IT) sector is among the key factors stimulating the generative AI market. Moreover, the widespread adoption of this technology for enhancing productivity and agility is further catalyzing the market growth. Apart from this, the growing utilization of generative AI in the media and entertainment industry for the smart processing of low-resolution images and videos is acting as another significant growth-inducing factor. Additionally, the escalating demand for generative AI in the manufacturing of various products, including prosthetic limbs and organic molecules, from scratch is positively influencing the global market. Besides this, the inflating popularity of generative AI, as it aids chatbots in holding effective conversations and boosting customer satisfaction, is also bolstering the market growth. Furthermore, the rising need for generative AI across the BFSI sector to detect fraud, generate synthetic data, predict trading, etc., is propelling the global market. In line with this, it produces digital artworks by using only text-based descriptions, which is anticipated to fuel the generative AI market over the forecasted period.

    Generative AI Market Report Segmentation:

    The report has been segmented the market into following categories:

    Breakup by Offering Type:

    • Image
    • Video
    • Speech
    • Others

    Breakup by Technology Type:

    • Autoencoders
    • Generative Adversarial Networks
    • Others

    Breakup by Application:

    • Healthcare
    • Generative Intelligence
    • Media and Entertainment
    • Others

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    By Geography:

    • North America: (United States, Canada)
    • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
    • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
    • Latin America: (Brazil, Mexico, Others)
    • Middle East and Africa

    Competitive Landscape:

    The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

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